How to Reload Your Forex Card in Simple Steps
Posted on Thursday, June 27th, 2019 | By IndusInd Bank
While travelling to a foreign country,the safest and most convenient method of carrying money is a Forex card.Depending on money changers and the constant anxiety of running out of foreigncurrency is, mercifully, a thing of the past. With a Forex card, you can travel withoutworrying about insufficient funds. This innovation is secure, cost-effective,and user-friendly. Let’s see how.
How a Forex Card is Useful
A Forex card can be used whenever youvisit a foreign destination, and generally, several different currencies can beloaded onto it at the same time. For example, if you are travelling to Europe,you will need access to Pound Sterling in the United Kingdom and Euro in therest of the bloc. By carrying a Forex card, you can load a budgeted amount ofeach currency in advance.
How to Obtain a Forex Card
Do you already have a Forex card? Ifno, you will have to apply for one. The good news is, you can choose any bank,even if you don’t have an account with that bank. You will need to submit tothe concerned bank your Forex card application along with the supportingdocuments. The bank will also ask you to submit a cheque for the amount ofIndian currency you want to convert to another currency. Once the cheque iscleared, funds will be available for conversion to a foreign currency and youwill be able to use your brand new Forex card immediately.
Applying for a Forex card is evensimpler when you have an account at the concerned bank. Since your KYCprocedures will have been done, you can bypass a lot of paperwork. In thiscase, all you need to do is to fill out the application form. Once the Forexcard is approved, you can immediately start using it. The funds will be debitedfrom your account and converted to the desired foreign currency, which isloaded onto your Forex card.
If you want to reload your Forex cardbefore or even during a foreign trip, here’s what you need to do. If your cardhas been issued by a bank in which you don’t have an account, visit the nearestbranch, fill out a reload form, and submit it with a cheque. Make sure youcheck availability before visiting, since not all branches in a city may offerthis service.
If you do have an account at the bank,but don’t have netbanking activated, you will have to physically visit a branchand submit your application. But if you do have this facility, you can directlyreload your Forex card online. Simply log in to your account through the netbankingportal and go to the list of prepaid cards you hold. Then, select the Forexcard approved and specify the currency type and amount you require. Funds fromyour account will automatically be converted to the specified foreign currencyat the current exchange rate and loaded onto your Forex card.
Handy Tips for You
- Forseamless service, apply for a Forex card at the bank where you hold a Savingsaccount. You will avoid a lot of tedious paperwork. Besides, you won’t have tosuffer a long waiting time for funds realization every time you want to reload yourForex card
- Theissuing bank will charge you an issuing fee plus a loading fee every time you reloadyour Forex card. However, these terms differ from bank to bank.
- Checkwhether your issuing bank offers you insurance cover in case of theft or lossof the Forex card. Many banks offer this facility free of cost
- Youcan also use the Forex card like a credit card – to pay for flights,accommodations, shopping etc. However, these cards can only be used abroad.This implies that India, Nepal, and Bhutan are three countries where you willnot be able to use the Forex card since these countries accept Indian currencyreadily.
Thus, a Forex card takes care of allyour foreign currency issues while travelling abroad. With no pecuniary worriesat the back of your mind, you can be sure of enjoying a hassle-free, fun-filledtrip abroad.